CHICAGO A majority of Nucor Corp. shareholders defeated a proposal by a Boston-based family of mutual funds to have the steelmaker provide more transparency into its lobbying efforts.
Green Century Capital Management shareholder advocate Lucia von Reusner, speaking at Nucors May 9 annual meeting, said Proposal 7 reflects her groups strong interest in full disclosure.
"Nucor does not disclose its trade association memberships, nor payments and the portions used for lobbying. Absent a system of accountability, company assets could be used for objectives contrary to Nucors long-term interests," Von Reusner alleged.
In the proxy statement, Nucors board of directors urged shareholders to vote against Proposal 7. The Charlotte, N.C.-based company acknowledged it is actively engaged in the public policy decision-making process, but argued that "transparency of the kind sought by (Green Century) risks handicapping Nucors ability to influence and inform public debate for the long-term benefit of our stockholders."
Nucor couldnt be reached for further comment.